Use equity in my home

[Miriam Jimenez]

Hello all,

Is it a good idea to take equity from my home $200k and build a 4 plex apts on a current paid off lot I own?

I will place lot on LLC before beginning construction.

Yes😀 I can build them for $200k-husband will do countertops, trim, tile, cabinetry and other stuff.

Should I not finished, I have other reserves I can use. 

If a builder does it for me he has offered to do it for $85.00 sq ft.....850 sq ft x 4 apts=$289,000.

When the 4 plex is finished it will be worth $350-400k....

I'm currently being offered a 3.37% APR on a cash out on my home on a fixed rate conventional loan.

After I’m done construction do a cash out on the 4 plex and continue making deals instead of paying my home or should i pay it off?

Another rental property I own (paid off and worth $140k) will pay the mortgage on the $200k mortgage on my home While I finish 4 plex-

Thoughts……